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Kotak Wealth Insurance is a non-participating unit linked life insurance plan that helps build a corpus by regularly investing in funds of your choice and you can then easily take care of your family’s future goals. This plan also provides a comprehensive life cover that ensures your family’s financial security.
Get QuotesThis policy offers following 7 investment funds, you can invest with that suit your investment objectives.
These fund options give you the unmatched benefits to maximize your earnings potential.
When life insured and policyholder are the same: In the event of death during the term of the policy, 100% of the Basic Sum Assured plus Lump sum Benefit plus Fund Value is payable. The Death Benefit payable under this plan also includes higher of Top-up Sum Assured or Top-up Fund Value, in case of each Top-up Premium.
When life insured and policyholder are different: 100% of the Basic Sum Assured plus Fund Value is payable. Lump Sum Benefit and future premium payment obligation ceases. Policy will continue until maturity and the Life Insured will be entitled to policy proceeds.
Up to the age of 60 years of life insured, Sum Assured payable on death is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. After 60 years of the life insured, Sum Assured payable on death is reduced to the extent of Partial Withdrawals made from 58 years onwards.
The minimum Death Benefit is at least equal to 105% of the total premiums paid.
On survival of the life insured till the end of the policy term, the Full Fund Value is payable. You have the option to receive the maturity payout as a lump sum or choose the settlement option. The policy terminates after payment of the maturity benefit.
Increase or Decrease in Basic Sum Assured is allowed to keep your cover relevant.
Each top-up has a top-up sum assured of 125% or 110% of top-up amount depending on the age of the Life Insured at the time of payment of the top-up premium. The minimum Top-up premium allowed is Rs 10,000. You can exercise this option any time, except the last 5 years of the policy.
Top-up premium has a lock-in period of 5 years from the date of Top-Up payment. In case of death, the higher of Fund Value in the Top-Up Account or Top-Up Sum Assured will be paid.
Settlement Option is available at maturity and it provides you the flexibility to receive the maturity benefits through 3 following options:
This option has to be intimated to the company with-in 3 months before the date of maturity. The life insured can take periodic installments as annually, semi-annually, or quarterly over a maximum period of 5 years.
You can switch between fund options to capitalize market opportunities.
Premium Re-direction facility is available to alter future premium allocation based on investment strategies.
Partial Withdrawal is allowed after completion of five policy years. The minimum partial withdrawal amount is Rs 10,000 and the minimum balance required after such withdrawal is equal to the one premium. Partial Withdrawals must be done first from the qualifying Top-Up Account.
The plan is not eligible for the bonuses as it is a non-participating life insurance plan.
No loan benefit can be availed under this plan
Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of lock-in period. The proceeds after addition of interest subject to a minimum of 4% per annum is payable after the end of the lock-in period.
Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 0 Years (life Insured), 18 Years (policyholder) | 65 Years |
| Age at Maturity | 18 Years | 75 Years |
| Policy Tenure | 10/15/20/25 Years | 30 Years |
| Premium Paying Term (PPT) | Regular/5 Years Limited Pay | - |
| Premium Paying Mode | Annually Only | - |
| Annual Premium Amount | Rs 20,000 (regular Premium), Rs 50,000 (limited Premium) | No Limit |
| Basic Sum Assured | >45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium =&<45 Years -Higher Of 7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium | >45 Years- 25 Times The Annualized Premium =&<45 Years - 25 Times The Annualized Premium |
| Top-up Premium | Rs 10,000 | Up To Sum Of All The Regular Premiums Paid |
| Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | 30 Days | - |
| Plan Type | Offline | - |
No riders can be attached under this plan.
Premium Allocation Charges (PAC): This charge is deducted from the premium paid and the net premium is then allocated at the Net Asset Value. PAC is 9%/7.75%/6%/3% for year 1/ year 2/years 3 to 5/years 6 onwards, respectively. The allocation charge for Top-Up premiums is 2%.
Policy Administration Charge: Monthly policy administration charge is levied by the redemption of units under the policy from 6th policy year onwards. It is 0.20%/0.10% per month as a percentage of the premium paid for the premium bands of up to Rs 1,99,999/Rs 2,00,000 to Rs 3,99,999, respectively.
Mortality Charges: Mortality charge is applied on Sum at Risk (SAR) and it is deducted on each Policy Month Anniversary. It is 0.899/1.301/2.095/4.720 for age 20 years/30 years/40 years/50 years, respectively.
Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Classic Opportunities Fund, Frontline Equity Fund & Balanced Fund, 1.20% p.a for Dynamic Bond Fund & Dynamic Floating Rate Fund, 1% p.a for Dynamic Gilt Fund, 0.60% p.a for Money Market Fund, 0.50% p.a for Discontinued Policy Fund.
Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.
Switching Charge: You can avail 4 free switches in a policy year and upon exercising more switches, Rs 500 is applicable on each additional switch.
Partial Withdrawal: Rs 500 per partial withdrawal is levied and this charge may be increased to a maximum of Rs 1,000 subject to approval from IRDAI.
Miscellaneous Charges: The charge for change in the policy contract is Rs 500 per request, Rs 100 for premium re-direction.
Tax benefits can be availed under section 80C & 10(10D) as applicable under the Income Tax Act, subject to amendments from time to time.
Ajay at 35 years of age wants to achieve his family goals, so his family can lead a happy life. He thus chooses to invest in Kotak Wealth Insurance with the policy term of 20 years (regular pay), annual premium of Rs 50,000 and sum assured of Rs 12,50,000.
Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Full Fund Value is payable.
Scenario B- Death Benefit: In the event of his death during the policy term, 100% of the Basic Sum Assured plus Lump sum Benefit plus Fund Value is payable. The Death Benefit payable under this plan also includes higher of Top-up Sum Assured or Top-up Fund Value, in case of each Top-up Premium.
Benefit Illustration:
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